Car insurance serves as an important safeguard against the costs associated with unexpected accidents and breakdowns. But trying to find the right coverage can be daunting, particularly when navigating competing quotes and policies.
It doesn’t have to be overwhelming, though—you may not need a completely new policy in order to get more protection or pay less for your premium. With little effort, there are several ways that you can take advantage of existing car insurance options and thoughtfully adjust your current coverage without sacrificing protection.
In this blog post, we’ll explore the top changes to your car insurance policy that you should consider making in order to optimize your driving experience.
Change Your Deductible
Insurance plans in Canada are generally priced between $1,300 and $1,800 annually. But if you adjust your deductible level, you can lower the amount you pay for your premiums. The lower the deductible assigned to an insurance policy, the less you’ll have to pay out of pocket if there’s ever a need to file a claim; however, this may lead to higher monthly premiums. On the other hand, having higher deductibles can reduce your monthly payments but will require more money from you once it comes time to file a claim against that plan’s coverage.
When deliberating your options, carefully weigh the pros and cons of each one to determine which is best for you given your financial situation and individual preferences. Furthermore, remember that modifying your deductible could affect what coverage you have, so it is wise to discuss any changes with your insurance broker or provider beforehand.
Ask About Discounts and Bundled Services
As an informed customer, you should always ask about discounts and bundled services. A lot of car insurance companies have hidden offers that they don’t broadcast upfront, so it’s important to be resourceful and request all the details. You might just find yourself pleasantly surprised with the savings you gain simply by asking. Plus, when services are bundled together in one package, this can often lead to more comfort as well as an easier experience altogether.
Use a Multi-Car Discount if You Have Multiple Cars in Your Household
If your household has more than one car, you can take advantage of a multi-car discount and bundle your policies together. This way, rather than having to insure each car separately—whether it be two or ten vehicles—you can save yourself plenty of money by combining them under one umbrella. Furthermore, consolidating the process allows for maximum convenience as well as time and energy savings by working with just one insurance provider.
Evaluate Your Payment Options
Evaluating your car insurance payment options is a great way to save money. There are several payment options available, such as paying in full upfront, setting up a monthly payment plan, or paying in installments. Each option has its own advantages and disadvantages, so it is important to consider them carefully.
Taking advantage of the money-saving benefits that come with paying upfront can be difficult when your budget is tight. However, setting up a monthly payment plan may be an easier way to manage the cost of insurance over time, albeit at a fee. Paying in installments might provide added financial flexibility, but you could pay more overall as opposed to settling everything right away.
Ultimately, the best option for you will be determined by your financial situation. Evaluating your options can help you find the best deal for your car insurance and save you money. Plus, you can use all that saved money to go on a nice vacation with your fully insured vehicle, knowing you’re safe on the road.
Bottom Line
Overall, changing or maintaining your current car insurance policy can be a daunting task, but with some research, the endeavor is simplified and more manageable. Taking a look at each of the four changes listed above to your existing car insurance policy will help you make wise decisions regarding deductibles, coverage, discounts, and payment options. While some of these changes may seem small, they often produce big results in terms of having the necessary coverage while also saving money on monthly premiums.
Take the time to review each change as well as other factors such as age and driving experience that can lead to larger discounts before finalizing any policy. Doing so provides peace of mind knowing you made an educated decision concerning your and your family’s car insurance needs.
